| London Finance and Investment Group PLC: Summarised Audited Financial Results for the year ended 30 June 2024. |
| Introduction to the Company |
| London Finance and Investment Group PLC. (LSE: LFI, JSE: LNF), the investment company whose assets primarily consist of a General Portfolio of global blue chip equity stocks, today announces its audited Summarised Financial Statements for the year ended 30 June 2024and the Board’s Dividend Declaration. |
| Results: |
- Net assets per share have increased to 71.6p (2023 - 59.2p per share)
- The restructuring of Western Selection, which is our only Strategic investment, resulted in a return of capital of £6,291,000 and a decrease in the value of the Strategic Investments, from £3,144,000 to £36,858.
- The value of the General Portfolio has decreased, including investment purchases and sales, over the year, by 9.4% from £15,496,000 to £14,032,000.
- The unrealised fair value adjustment to the General Portfolio investments over the period has decreased by £1,925,000.
- The decrease in Group operating costs is mainly a result of lower office costs.
- A final dividend of 0.60p per share is recommended, making a total of 1.2p per share for the year (2023 - 1.15p)
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| The Company and its subsidiaries (the “Group”) recorded an operating profit for the year, before interest, tax, profit on bargain purchase and changes to the fair value adjustments of investments of £3,830,000, compared to operating profit for the previous year, before tax and changes to the fair value adjustments of investments, of £762,000. Basic and headline earnings per share are 13.6p (2023 restated –5.7p) |
| Dividend Declaration |
| The Board recommends a final dividend of 0.60p (13.92988 cents) per share, making a total of 1.20p (27.85976 cents) per ordinary share for the year (2023–1.15p). Subject to shareholders’ approval at the Company’s Annual General Meeting to be held on [28]November 2024, the dividend will be paid on Wednesday 18 December 2024to those shareholders on the register at the close of business on Friday, 6 December 2024. Shareholders on the South African register ill receive their dividend in South African Rand converted from Pounds Sterling at the closing rate of exchange on Thursday, 19 September 2024 being GBP1 = ZAR 23.21646. |
| In respect of the normal gross cash dividend, and terms of the South African Tax Act, the following dividend tax ruling only applies to those shareholders who are registered on the South African register on Friday, 6 December 2024. |
- The number of shares in issue as of the dividend declaration date is 31,207,479.
- The dividend has been declared from income reserves. Funds are sourced from the Company’s main bank account in London and are regarded as a foreign dividend by South African shareholders; and
- The Company’s UK Income Tax reference number is 948/L32120.
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| Dividend dates: |
| Last date to trade (SA) |
Tuesday, 3 December 2024 |
| Shares trade ex-dividend (SA) |
Wednesday, 4 December 2024 |
| Shares trade ex-dividend (UK) |
Thursday, 5 December 2024 |
| Record date (UK and SA) |
Friday, 6 December 2024 |
| Pay date |
Wednesday, 18 December 2024 |
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| The JSE Listings Requirements require disclosure of additional information about any dividend payments. |
| Shareholders registered on the South African register are advised that a dividend withholding tax will be withheld from the gross final dividend amount of ZAR 13.92988centsper share at a rate of 20% unless a shareholder qualifies for an exemption; shareholders registered on the South African register who do not qualify for an exemption will therefore receive a net dividend of ZAR 11.14390cents per share. The dividend withholding tax, and the information contained in this paragraph are only of direct application to shareholders registered on the South African register, who should direct any questions about the application of the dividend withholding tax to Computershare Investor Services Proprietary Limited, Tel: +27 11 370 5000. |
| Share certificates may not be de-materialised or re-materialised between Wednesday, 4 December 2024and Friday, 6 December 2024, both days inclusive. Shares may not be transferred between the registers in London and South Africa during this period either. |
| For the full document click the link below:
London Finance and Investment Group PLC |
